All Forum Posts by: DJ Cummins

Well, It has been a good 2+ year run, but we finally have had to go thru the eviction process.  Tomorrow is out 2nd and final court date.  We are nervous but confident that we will win.  The tenant owes us 3+ months rent, and has violated multiple items in our lease.  

I am hopeful that this part of the process is pretty straight forward, but we don't really know what to expect.  My wife has been preparing tons of paperwork documenting everything, and i have been really practicing my "A Few Good Men" trial prep.  This guy is going to admit to ordering the Code Red by the time the judge makes his ruling.

Anyone have any pointers?  thanks in advance!

DJ

@Drew Eldridge What a great story.  Congrats to you and your son.  He is miles ahead of the game.  Best wishes to all of you.  wow.

congrats @Jeff Gagnon.  i really like how you listed "equity per month."  I know we are constantly paying down mortgages, but i havent really ever thought of like that.  It makes RE investing a tad more exciting :)

Congrats on a great first year @Jimmy Martz

What are your plans/goals for this year and beyond?

i had my house appraised 2 days ago to do one myself. Good luck to you!

Hi @Joe Chambers

Always go with the cash flow(in my opinion). You can’t ever bet on a property appreciating. (see 07/08). Appreciation is gambling, but sometime “the house” doesn’t always win.

side note---that is the birthplace of Justin Timberlake.  I dont know if that adds any value or not though :)

Hello @Tim Bergstrom

Take this as you will, since i live 5 hours away from there.  I do have family that lives about 15 minutes from Covington though.  It is not a great area in my opinion...i dont even like stopping for gas there.  I know that every town has its nicer areas, and this house could fall into that category.  You didn't mention a purchase price either, so that is hard to make a reply on.

Also, i am not sure on the rent, it sure seems high for the area.  I just went on rentometer and it seems to think a 3 bedroom in that area would rent for more like $750.

I dont want to discourage you, but that is my honest opinion.  Good luck to you!

Hi @Philippe Ty

Personally, I would look at using some of the equity in your home. Depending on your current rate, maybe a cash out refinance if you can get a rate lower than your current interest rate. If you can’t beat your current rate, I would probably look into a heloc.

The other option would be to either A. sell your current house(if rental numbers don’t make sense) or B. Rent out your current house, and buy a small multifamily with the 3.5% fha down payment. All you have to do is live there for 1 year, and then you can rent out the unit you were living it, and buy yourself another home, or keep repeating the process.

It all really depends on your personal situation/preferences. 

Dont go over (by much).  Keep looking for the right deal.